Mis-sold PPI while self-employed?

If you were mis-sold PPI while self-employed you may be able to reclaim your previous PPI payments.

Many self-employed individuals were mis-sold Payment Protection Insurance alongside loans and other financial products. However in many cases the ability for consumers to claim the Payment Protection Insurance was significantly reduced if they were self-employed.

It had been reported that many lenders incentivised staff to sell PPI alongside other financial products and in the process may not have fully disclosed the exclusions of the PPI policy to the self-employed. Many self-employed took PPI understanding that they may be eligible to claim if their business was struggling financially and they could not service their repayments.

The reality of PPI for self-employed

However the reality for the self-employed taking out PPI is that for a claim to be valid you would need to show that, because you could not find enough work, you have therefore involuntarily ceased trading. In contrast to the employed, the self-employed are poorly positioned to make a PPI claim so to some degree – arguably a large degree – PPI was the wrong product for many self employed.

PPI mis-selling which attracts thousands of consumer complaints every week is currently under a lengthy investigation by the Financial Ombudsman Service.

Public Becoming Wiser to Mis-selling Tactics

Sally Bowyer, Managing Director of financial claims specialist BrunelFranklin.com says that the public are slowly becoming wiser to the tactics of mis-selling, but that a lot of the damage is already done: “It is important to realise that we may all unwittingly have taken out PPI during the years when lenders were offering a seemingly endless line of credit in the form of loans and credit cards in particular. It costs nothing to check your paperwork for insurances that you may not even know you are paying for. PPI per se is not a bad product, however the onus is on the vendor to ensure the product is the best for your needs at the time of sale. If the best product for your needs was not offered, or if you were unaware of the true cost, for example, you may have grounds for a claim.”

Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51.